Can Tho in dire need of international shipping routes A vessel heads for Tan Cang-Cai Cui Port in Can Tho City Although the Government has allowed Can Tho City to expand its logistics center to 242 hectares from the current 75 hectares, the center cannot develop without international shipping routes allowing the city to directly ship goods abroad, said Nguyen Minh Toai, director of the municipal Department of Industry and Trade. At a seminar on development of Can Tho City’s logistics network by 2020, with a vision to 2030, in the city today, February 20, Toai said that Can Tho needs to launch shipping routes through Quan Chanh Bo Canal and Dinh An Estuary to develop a modern logistics center in the city. It costs US$10 to transport each container of goods from Can Tho to Cat Lai Port in HCMC or to Cai Mep-Thi Vai Port in Ba Ria-Vung Tau Province, he said, and the cost is even higher if shipping containers are carried further away. If goods are directly shipped from the … [Read more...] about BUSINESS NEWS IN BRIEF 22/2
Vietcombank ho chi minh city branch
Vietnamese banks issue bonds galore as credit demand rises
BIDV, Vietnam's biggest bank by assets, has approved the issuance of 400,000 bonds to raise VND4 trillion ($170.5 million), of which VND3 trillion ($127.88 million) are in 7-year bonds and VND1 trillion ($42.62 million) in 10-year bonds. Previously, the State Bank of Vietnam had allowed BIDV to issue a maximum of VND20 trillion ($852.59 million) worth of bonds this year. Similarly, Vietcombank, the third largest bank in the country by assets, has successfully raised VND550 billion (23.44 million) through the issuance of individual bonds at VND100,000 ($4.26) per bond. The bonds mature in six years, and carry a 7.4-percent annual interest rate. Among many other banks that have raised capital through bonds in 2018 is VietinBank, which has successfully completed a second bond issue this year, raising VND450 billion ($19.18 million) from 2-year bonds with fixed 6-percent interest. Last July, VietinBank, the country’s second largest lender by assets, … [Read more...] about Vietnamese banks issue bonds galore as credit demand rises
VN-Index drops 48 points, $6.5 billion gone
The VN-Index, which is a capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange (HOSE), closed at 945.89, down 4.84 percent for a total of 48.07 points from Wednesday. The VN30-Index, representing the 30 largest stocks in terms of capitalization, went down by 46 points, or 4.79 percent, to 920 points. The HNX-Index on the Hanoi Stock Exchange went down by 5.79 percent and the UPCoM-Index for unlisted companies slipped 3.31 percent. This means that over VND150 trillion ($6.5 billion) has been swept away from the HOSE. 300 HOSE stocks closed in the red, just 30 ended the day in green. In the VN30-Index, all blue chips fell, with the 10 top stocks dropping a total of 18 points. Serveral banks including Techcombank (TCB), Vietnam International Bank (VIB), Vietcombank (VCB) and TPBank (TPB) dropped by between 5 to 7 percent. Foreigners’ net selling on HOSE was valued at VND283.4 billion ($12.21 million) on Thursday. The drop in … [Read more...] about VN-Index drops 48 points, $6.5 billion gone
BNP Paribas accompanies banking development in Vietnam
(VEN) - Aymar De Liedekerke Beaufort, who heads BNP Paribas in Vietnam, explained why the country was attractive to foreign banks, and how his bank has contributed to the nation’s growth. Bamboo Bike Cycling in Mekong Delta (CSR event of BNP Paribas Ho Chi Minh City Branch in 2017) Having been in Vietnam since 1989, what do you think about the development of the banking industry in the country? Tremendous efforts have been made by the State Bank of Vietnam over the past few years to improve the quality of the balance sheets of many commercial banks. The Vietnamese banking industry has therefore become healthier and is a key player in supporting Vietnam’s gross domestic product (GDP) growth. Credit growth is something we carefully look at and BNP Paribas Vietnam’s credit growth mirrored Vietnam’s significant 18 percent Credit Growth in 2017. The Vietnamese banking industry is very well positioned to implement and follow Basel II … [Read more...] about BNP Paribas accompanies banking development in Vietnam
BUSINESS NEWS IN BRIEF 6/9
SSI upgrades stock board and order services for Web Trading SSI Web Trading, an online trading service from Saigon Securities, has upgraded its online stock board and updated two more conditional orders for derivative trading. The two new orders, namely OCO and Bull & Bear, are the two most useful orders in derivative trading. With this upgrade, all market data displayed on the board and order screen will be updated consecutively and immediately, helping investors track stock prices and follow transactions quickly and accurately. In June, SSI also upgraded its Web Trading by adding four more types of conditional orders. The continuous upgrades to the platform demonstrates SSI’s efforts in providing diversified, efficient trading tools for profit maximisation and risk prevention for clients when practicing derivative trading. With two new conditional orders, OCO and Bull & Bear, SSI has six types of conditional orders, including Up, Down, Trance Up, … [Read more...] about BUSINESS NEWS IN BRIEF 6/9